Back to the routine?Yes AGE lost 2 pips to finish at 3.4c. Our...

Back to the routine?

Yes AGE lost 2 pips to finish at 3.4c. Our volume was quite decent, just over 23m shares traded, highest in last 1 month. So after making a good move towards 3.8, we are now back to our familiar territory and another play at 3.3, which is our low from June onwards. A big sell, close to 10m shares dropped within a minute at 3,4/3.3 taking a big chunk. Not sure who panicked. But just shows the confidence is not yet there, any sign of weakness and some big players immediately look for exit.
.
ASX U stocks were mostly weak but not a big one. Of the 28 stocks that I track, average loss was around 1% - our US U stocks were in green, so we couldn't match them.
.
Overnight US U stocks started very timidly in red, but gained confidence as day progressed. Finally finishing mostly in green, but not much, around 0.5%. U Future no change at $55.65
.

.
What next:
.
SP 500 had another good day yesterday, rising around 0.4% to 4522. It also made a new 52 week high at 4532. ASX though started in red and stayed in red whole day, though not very big. I was feeling that US markets may consolidate tonight and ASX was already pre-empting that by being in slight red - lets see if that is the case.
.
So SP 500 is continuing to hold the line. There are 2 theories going around. Bull theory says that we are going to make an all time high above 4800. Second theory is that very good chance it may consolidate over here between 4350/4550, key level to hold is 4300. And of course, the bears are still there looking for a crash, just not much vocal now. So overall still looking good. Russell small caps had a bigger rise, also indicative of some rotation happening. Also the market depth is getting better.
.
Although SP 500 still making 52 week, many ASX resource stocks still not able to get get out from their zone - especially those with greater risks like explorers. So we need some more risk to come into the markets and then only we may see broad based gains by most punters - for now some stocks are doing well and punters holding them only making good gains. Lets hope that day is not far off, like early last year. It will come, but when, lets see.
.
Lead indicators also looking very good.. VIX under 14, Yields falling, Dollar dropping - all catalysts for stock market to go higher. Bitcoin though which usually capitalises on this situation is struggling to get above 31k - has made a few attempts but no lock, again playing around 30k now. One sign that stocks too might consolidate a bit before going higher.
.
So what will happen tonight? US markets in small red. Asian markets mixed but more red - but not big ones. Some retail data tonight but don't think it will have much impact. Earning reports, banks etc to report - that can have some impact. Tomorrow Tesla/Netflix etc to report, that may have more impact. SP 500 looks unstoppable. The key now many feel is if it can get above 4535 zone, then could go higher. But some feel, and it looks to me as well, that we may see some consolidation before a big rise. But when the going is good, it can continue, and its good to follow the trend. Will that happen?. Lets hope so. All the best.